how to account a home tutions income and expenses in tally
This query is : Resolved
20 November 2016
hello. i m teaching to a childrens upto 8th standard and i m getting fees in cash. so how to maintain accounts of this income in tally. and how much income is exmpted to income tax
21 November 2016
U can pass a journal for cash receipt from tution income :-
Cash Dr
To Income from Tution.
The accumulated income upto 2.5 lakh in a year, is exempted from Income Tax.
Cash Dr
To Income from Tution.
The accumulated income upto 2.5 lakh in a year, is exempted from Income Tax.
22 November 2016
The individual can't claim household expenses as deduction in ITR
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